InstaForex

August 23, 2021

Japanese cryptocurrency exchange robbed of $80 million

 Bitcoin sank by $4,000 in the last 6 days and fell to the support level of $43,852. However, we should not forget that in the last three weeks before this, the cryptocurrency grew by $18,000. Thus, the current downward movement is nothing more than a correction. However, if the bears manage to overcome the support level of $43,852, the decline in quotes is likely to continue. Recall that we expect a new decline in the quotes of the bitcoin in the area of $30,000. Also, there have been no special reasons for the growth of the cryptocurrency by $18,000 recently.


Meanwhile, hackers broke into Japan's Liquid cryptocurrency exchange and withdrew $80 million worth of digital assets from it. The administration of the exchange said that the circumstances of the incident are currently being studied, and for now the withdrawal of funds and deposits will be suspended. According to unconfirmed information, more than 100 bitcoin coins, almost 15,000 ether coins, were stolen from the exchange. The management of the exchange stated that at this time, it is tracking the movement of stolen digital assets and is looking for an opportunity to freeze and return the funds. Recall that this is not the first case of cryptocurrency exchange hacking. According to data from Kaspersky Lab, which specializes in the search for viruses and malicious fraudulent sites and programs, there were more than 1,000 sites on the Internet in 2021 aimed at deceiving the owners of digital assets.


It also became known that the United States and China are no longer world leaders in the distribution of cryptocurrencies. If earlier the two largest countries on Earth were directly involved in the popularization of the cryptocurrency segment, in 2021, they were replaced by developing countries, whose population sees bitcoin as a way to escape from high inflation (which affects the currencies of many developing countries). In addition, residents of developing countries are turning to cryptocurrencies to conduct business and make money transfers abroad since this method is much easier and less controlled by governments and central banks than bank transfers and transfers through payment systems. Now the TOP 5 countries on the cryptocurrency distribution index include Vietnam, India, Pakistan, Ukraine, and Kenya.


At the same time, bitcoin is on the verge of a new collapse. Recall that the key moment for "digital gold" was a double rebound from the level of $47,500, after which the quotes fell to the level of $43,852 and the upward trend line. Now, overcoming the trend line and this level will open the way for sellers to the level of $40,746. The fundamental background is absolutely not on the side of bitcoin right now, so the fall will be the logical end of the bullish microtrend that has formed over the past month.